A 64-year-old put his life savings in his carry-on. U.S. Customs took it without charging him with a crime.

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A 64-year-old Cleveland man is suing U.S. Customs and Border Protection after agents strip-searched him at an airport in October and took more than $58,000 in cash from him without charging him with any crime, according to a federal lawsuit filed this week in Ohio. Customs agents seized the money through a process known as civil asset forfeiture, a law … Read more

Update on the Splendid Rental Bubbles & Crashes in the US

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Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter Chicago’s rents in free-fall, Washington DC’s suddenly plunge, New York’s fall to third place. But rents soar in Southern California and other parts. Bay Area and Seattle “mixed.” Four observations first: One, New York City’s median asking rent for two-bedroom apartments – long the second-highest in the country, after San Francisco … Read more

George Soros: EU Should Deal With Refugee Crisis By Keeping Borders Open, Taking On Debt

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via dailycaller: Left-wing billionaire George Soros wants the European Union to deal with the continent’s refugee crisis by maintaining an open borders policy and running up the EU’s credit. The EU should take on debt in order to help improve economics conditions in Africa, as part of its response to the ongoing refugee crisis, Soros … Read more

The 60/40 Portfolio Is Doomed Amid Rising Interest Rates

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BY JARED DILLIAN I’ve said this many times. When rates go up sharply, stuff blows up because lots of people are negatively exposed to higher rates. Households, corporations, and governments are all negatively exposed to higher rates—in different degrees. Back in 1994, we found that it was Mexico, Procter & Gamble, and Orange County, California who all … Read more

Russia To Build 5th-Generation Nuclear Subs With Hypersonic Missiles

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by stockboardasset Vladimir Dorofeyev, CEO of Russia’s Malakhit Marine Engineering Design Bureau, told TASS in 2015 that “the work on the fifth-generation of submarines is already underway.” Now an anonymous source deep within the Russian defense sector told TASSon Thursday that the Husky-class fifth-generation nuclear-powered submarine will be armed with Zircon hypersonic missiles with a deployment date … Read more

The US Military Has Too Many Aircraft Carriers

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by Duane Norman, Free Market Shooter Recently the troubled USS Gerald R. Ford has been making headlines, in yet another embarrassing moment for the US Navy’s troubled acquisition process: The previously undisclosed problem with a propulsion system bearing, which occurred in January but has yet to be remedied, comes as the Navy is poised to request approval … Read more

Waiting on the Echo of Crude Oil’s Big Drop

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by Tom McClellan 10 years ago in June 2008, oil prices were making a top above $140/barrel, which turned out to be an exhaustive blowoff top.  A steep collapse ensued, taking oil prices down to below $40 in January 2009. Crude oil gives us a 10-year leading indication for what the stock market is going to … Read more

Here Comes Another Global Financial Crisis …

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via The Week Is another global financial crisis on the horizon? Investors are increasingly worried that an escalating political crisisin Italy could lead to a populist, euroskeptic government taking power. As a result, there’s rising uncertainty about whether the country might eventually abandon the euro currency zone or default on its giant debt pile. To make things … Read more

The Catastrophic Results Of The Smoot-Hawley Tariff Of 1929-30

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via Selwyn Parker In the year 1929, as America slides into recession, a Republican senator, avowed patriot, Mormon “prophet” and businessman named Reed Smoot decides that he wants to do something about saving the country’s jobs. They are being lost, insists Senator Smoot, because too many countries are selling too many goods into the United States and undermining … Read more

Socialism equals triumph for corporate criminals

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by Jon Rappoport In several recent articles (all here under category: socialism), I’ve exposed the myth that socialism is a revolution of and for the people. I’ve presented evidence that socialism is actually a movement owned, operated, and funded by ultra-wealthy elites. Dupes, foot soldiers, blind idealists, indoctrinated students, and low-level thugs are recruited through cutouts … Read more

Shopping for an Ecommerce Platform? Be Choosy!

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Ecommerce is growing approximately 23 percent each year. Yet nearly half (46 percent) of small businesses in the U.S. do not yet have a website. What is the most important decision you’ll make when you’re establishing an ecommerce store? Well, setting your product lineup is certainly important as it dictates the very nature of your … Read more

Morgan Stanley Says We’re In A Bear Market But Investors Just Don’t Realize It Yet

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via @tomwfranck “I think we’re in a rolling bear market,” said Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “It’s fooling everybody at the index level, but there’s a lot of pain out there.” The strategist’s comment came as the S&P 500 fell 0.3 percent and the Dow Jones industrial average slipped nearly 1.2 percent. The most bearish strategist tracked … Read more

Rising Interest Rates THREATEN Canadian Housing Bubbles! – This Won’t End Well

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Josh Sigurdson talks with author and economic analyst John Sneisen about the risks the Canadian housing market are seeing as the bubble continues to gain pressure all while interest rates rise. Prices have been rising dramatically in many local housing markets throughout Canada to a level that cannot sustain itself. In recent months, the rallies … Read more